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Why materiality is an important concept in accounting

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Reference no: EM132506195

Question 1: Why materiality is an important concept in accounting.

Question 2: Can you illustrate with example from any line item.

Question 3: What dose it mean that "purchases" from income statement is exceeding materiality threshold. How it is important for both management and auditors and how to use this information in business.

Reference no: EM132506195

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